Companies in the financial industry are becoming more and more susceptible to the threat of cybercrime. In addition to Cyber Liability Insurance, companies need to take as many precautions as possible, like enforcing rules around Bring Your Own Device (BYOD) Policies.
Allowing employees to bring their own devices to the office or use their phones to check emails outside of work hours can be beneficial to both the company and the employee. However, these practices can be risky if appropriate security measures are not taken. If your business allows personal devices, be sure to enforce a few rules.
Require a password policy
Password policies are one of the simplest and most effective programs to protect sensitive data. All employee passwords should meet a few simple requirements, including:
- A combination of letters, numbers and symbols
- A minimum of 12 characters
- Upper- and lower-case letters and numbers
Passwords should also be changed regularly and not be repeated.
Whether a laptop is stolen out of a car or a cellphone is left behind in a taxi, employees can contribute to cyber-attacks unintentionally. In fact, lost or stolen devices are a main cause of data breaches in the financial industry. With simple file, email and full-disk encryption on employee devices, information can be protected - even if the device is lost or stolen.
Install mobile device management software on all employee phones with company email. The software can wipe the employee’s device remotely if the phone is lost or the employee leaves the company.
Public Wi-Fi networks in places like coffee shops or hotels can put data at risk. Require employees to use virtual private networks, or VPNs, while traveling or working remotely.
For more information about the threats of cybersecurity and cyber liability insurance, contact us at firstname.lastname@example.org or 866.386.2544.